Under Delaware regulator definitions, which activity is not “soliciting” by itself?
Correct Answer
A) Taking customer information or referring a customer to a person who performs mortgage loan originating
Delaware carves out mere customer-information intake or referral from the soliciting definition, so that intake/referral activity is the choice that is not soliciting by itself.
Why This Is the Correct Answer
Taking customer information or referring a customer to a person who performs mortgage loan originating is correct. Delaware carves out mere customer-information intake or referral from the soliciting definition, so that intake/referral activity is the choice that is not soliciting by itself. Delaware carves out mere customer-information intake or referral from the soliciting definition, so that intake/referral activity is the choice that is not soliciting by itself.
Why the Other Options Are Wrong
Option B: Discussing available mortgage loan products with a potential customer
Discussing mortgage loan products is the Delaware definition of soliciting.
Option C: Negotiating terms of a mortgage loan
Negotiating loan terms is MLO activity.
Option D: Explaining the terms of a mortgage loan product
Explaining loan terms is MLO activity.
Memory Technique
DE-C023 -> Delaware-definitions-and-exemptions
Exam Tip
Information intake and referral are not the same as soliciting in Delaware.
Common Mistakes to Avoid
- -Importing another state requirement into Delaware
- -Confusing NMLS baseline requirements with Delaware-specific rules
- -Treating operational assumptions as legal authority
More UST Questions
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An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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